Table 3: Components of Profits – the Five Largest Banks (Consolidated)

2003

Year-on-year growth(a)

$b

Per cent

Income

Net interest income

22.6

5.3

Non-interest income(b)

17.3

6.5

Expenses

Operating expenses

20.7

2.0

Provision for doubtful debts

2.1

−14.7

Goodwill amortisation(c)

1.2

68.8

Profit

Net profit before tax

15.8

12.0

Net profit after tax

11.2

6.0

Return on assets (before tax)

1.38 per cent

0.05 percentage points

Return on equity (before tax)

19.37 per cent

−0.75 percentage points

(a) Excludes the impact of National Australia Bank's US subsidiary HomeSide
on 2002 results. (b) Includes profits from wealth management businesses. (c)
Includes revaluations of wealth management businesses.